Incofin, a Belgium-based investor in lower-income countries, recently invested EUR 7.5 million (USD 7.8 million) through its Water Access Acceleration Fund (W2AF) in Rite Water Solutions, a company seeking to improve access to clean drinking water in India. Founded in 2006, Rite Water specializes in water purification systems and mobile water dispensers. Through 2023, the firm’s products have reached 2 million people in 12 states via 2,500 purification units. With the investment from W2AF, Rite Water is planning to expand into Africa.
Incofin Managing Partner Dina Pons stated, “Through this landmark investment, W2AF and Rite Water have formed a strategic alliance dedicated to providing safe drinking water to millions of households in low-income communities across India and beyond…. Together, we are steadfast in our common ambition to provide 50 million liters of drinking water every day by 2028.”
This is the first investment from W2AF, which was launched in March 2023. The private equity fund has total commitments of EUR 36 million (USD 38 million) from investors such as the French firms Danone and BNP Paribas and entities associated with the governments of Denmark, Norway and the US.
Founded in 2001, Incofin is a for-profit firm that seeks “to promote inclusive progress.” As of 2023, it has investees in 65 countries, mostly active in financial inclusion and agriculture. Incofin’s portfolio is valued at EUR 1.4 billion (USD 1.5 billion) and comprises funds affiliated with organizations such as the Belgian cooperative BRS, the German firm Invest in Visions and Belgium’s vdk bank. The firm has offices in Belgium, Cambodia, Colombia, India and Kenya.
By Pranav Agarwal, Research Associate
Sources and Additional Resources
Direct contact with Incofin
Rite Water homepage
https://ritewater.in/
United Nations’ profile of W2AF
https://sdgs.un.org/partnerships/water-access-acceleration-fund-w2af
Previous MicroCapital article on Incofin
https://www.microcapital.org/microcapital-brief-microfinance-institution-pebco-bethesda-of-benin-borrows-2m-from-incofin-via-agricultural-liquidity-fund/
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